Early Briefing: Concerns About Freddie

*The Office of Federal Housing Enterprise Oversight said it has "significant supervisory concerns" about Fannie Mae and Freddie Mac. While both mortgage finance companies have been hurt by the problems in the housing market, Freddie's problems run deeper, OFHEO said.
Freddie Mac still has some ineffective internal controls, has invested in poorly underwritten loans and lacks "sufficient executive management depth," the regulator said in an annual report to Congress.

Former Redskin George Starke was hoping that his work in the community would help his new company, Excel Associates, win a city fleet contract. (By Bill O'leary -- The Washington Post)

*Excel Associates, a ''local small disadvantaged business enterprise" run by former Redskins lineman George Starke, lost out on a contract to manage the District's fleet of police cruisers, scooters, motorcycles and other vehicles. The deal instead went to a Cincinnati company that describes itself as the country's largest provider of fleet management services for the public sector. It's part of the city's struggle to weigh giving work to smaller, local businesses or larger, outside companies that have more experience.

*W.R. Grace asked the U.S. Supreme Court to hear an appeal in a criminal case charging the company and six former executives with releasing asbestos that killed and injured residents of Libby, Mont. Grace of Columbia, also charged with interfering with a government cleanup, asked the high court to overrule a lower court ruling that adopted a government definition of "asbestos" under the federal Clean Air Act. Grace claimed that only about 5 percent of the material prosecutors said was released in Libby falls within the definition.

*InPhonic, a wireless service provider based in the District, filed a liquidation plan that includes the formation of a trust to administer its remaining assets. Under the plan, holders of unsecured claims totaling $106.5 million would receive a share of an unspecified amount of cash to be distributed by the trust. The trust would get the money from cash on hand, sales of some assets, litigation proceeds and funds provided by buyer Adeptio INPC Funding.

By Terri Rupar  |  April 16, 2008; 5:00 AM ET  | Category:  Morning Brief
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